Well in a normal market a 7 cents stock stays at 7 cents and eventuality gets delisted. It doesn't go to $7.00 like every one did this time so that traders could make untold profits.
Yes, you can trade long everyday in this scenario as long as it last.
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Replying to @MasterBJones and @traderbjones
How often, in your experience, do low-float stocks pick up volume and pop in a “normal” market? Do you day-trade long every day in that scenario as long as you get the S&P buy signal? Obviously, bear markets should be in cash and/or playing dips/shorting.